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ICICI Pru Guaranteed Wealth Protector

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This plan has been withdrawn by the insurance company and is no longer available for sale.

ICICI Pru Guaranteed Wealth Protector Review

ICICI Pru Guaranteed Wealth Protector is a unit linked insurance plan (ULIP) that offers the potential for high returns, by investing a portion of your money in equity.

The policy fund will be managed using the Guaranteed Wealth Protector Strategy. Under this strategy your monies will be allocated to an equity oriented fund and a debt oriented fund. At the start of the policy, a higher portion of your money will be invested in the equity oriented fund. Over time the allocation to the debt oriented fund will be increased in order to manage the guarantee. The allocation between the equity oriented fund and the debt oriented fund will be rebalanced periodically throughout the policy term. This regular reallocation will in turn determine the returns generated under the policy.
 

Key Features of ICICI Pru Guaranteed Wealth Protector

  • Pay premium just once or for a limited period of 5 years
  • Assured Benefit feature returns 101% of premiums paid
  • Plan offers Loyalty Additions and Wealth Booster
  • Tax Benefits on premiums paid and benefit amount paid on maturity 


COMPARE THIS PLAN WITH OTHER ULIP PLANS


Benefits under ICICI Pru Guaranteed Wealth Protector

Maturity Benefit
On maturity, you will receive A or B, whichever is higher - where,
A) Fund Value including Loyalty Additions and Wealth Booster
B) Assured Benefit

Assured Benefit for the policy will be as follows:
• In case of One Pay, 101% of the Single Premium
• In case of Five Pay, 101% of the sum of all premiums paid
Assured Benefit is applicable only on maturity of the policy and does not apply on death or surrender

Death Benefit
In the unfortunate event of death of the Life Assured during the term of the policy, provided monies are not in DP Fund, the following will be payable:
Death Benefit = A or B or C, whichever is higher
Where,
A) Sum Assured
B) Minimum Death Benefit
C) Fund Value
The Minimum Death Benefit is 105% of the total premiums paid.

Loyalty Additions
Loyalty Additions will be allocated as extra units at the end of every policy year, starting from the end of the sixth policy year, provided monies are not in DP Fund. Each Loyalty Addition will be equal to 0.25% of the average of the Fund Values on the last business day of the last eight policy quarters Loyalty Additions will be allocated among the funds in the same proportion as the value of total units held in each fund at the time of allocation. The allocation of Loyalty Addition units is guaranteed and shall not be revoked by the Company under any circumstances

Wealth Boosters 
A Wealth Booster will be allocated as extra units at the end of the tenth policy year. Wealth Booster will be a percentage of the average of Fund on the last business day of the last eight policy quarters as shown in the table below.
 
Premium Payment Option Wealth Booster
One Pay 1.50%
Five Pay 3.25%

Wealth Booster will be allocated between the funds in the same proportion as the value of total units held in each fund at the time of allocation. The allocation of Wealth Booster units is guaranteed and shall not be revoked by the Company under any circumstances

Tax Benefit
Tax Benefit available for premiums paid as per Section 80C and benefit amount received as per Section 10(10D) of Income Tax Act, 1961

Increase or decrease in Sum Assured:
For the One Pay option, increase or decrease in Sum Assured is not allowed.
For the Five Pay option, increase or decrease in Sum Assured is allowed, subject to underwriting, provided the age of the Life Assured when purchasing the policy is between 45 and 54 years last birthday. Increase or decrease in Sum Assured will be allowed only on policy anniversaries, provided all due premiums till date have been paid. 

Increase in Sum Assured will be from 7 times the Annual Premium to 10 times the Annual Premium. Increase in Sum Assured will be allowed until the policy anniversary where the Life Assured attains age 60 years last birthday. The cost of any medical reports and charges will be borne by the Policyholder and will be deducted by redemption of units.

Decrease in Sum Assured will be from 10 times the Annual Premium to 7 times the Annual Premium. Once the Policyholder has opted for a decrease in Sum Assured, any subsequent increase may be subject to underwriting.


Eligibility and other Conditions of ICICI Pru Guaranteed Wealth Protector

 
Parameters Minimum Maximum
Entry Age 8 years 60 years (Five Pay)
70 years (One Pay)
Policy Term 10 years 10 years
Premium Payment Term Single Premium (One Pay)
5 years (Five Pay)
Maturity Age 18 years 70 years (Five Pay)
80 years (One Pay)
Premium Payment Modes Yearly, Half-yearly, Monthly or Single

 

  One Pay Five Pay
Sum Assured 1.25 x Single Premium (SP) Age of Life Insured Sum Assured
8 – 44 10 x AP
45 – 54 7 or 10 x AP 
55 – 60 7 x AP


Loan

The policyholder can acquire loan under the policy provided the policy has acquired a surrender value 

Surrender

During the first five policy years, on receipt of intimation that you wish to surrender the policy, the Fund Value after deduction of applicable Discontinuance Charge, shall be transferred to the Discontinued Policy Fund (DP Fund). For treatment thereafter, please refer to the sections on Treatment of the policy while monies are in the DP Fund and policy revival. If the policy is not revived, you or your nominee, as the case may be, will be entitled to receive an amount not less than the Fund Value which was transferred to the DP Fund, on the earlier of death and the expiry of the lock-in period. Currently the lock-in period is five years from policy inception.

On surrender after completion of the fifth policy year, you will be entitled to the Fund Value.
 

Charges

Premium Allocation Charge
Premium Allocation Charge depends on the Premium Payment Option and the premium payment mode chosen. It is deducted from the premium amount at the time of premium payment and units are allocated in the funds thereafter. This charge is expressed as a percentage of premium.

One Pay: 3%
Five Pay: As per table below
 
Premium payment mode Year 1 Year 2 Year 3 Year 4 and 5 Year 6 onwards
Annual 6% 5% 4% 4% Nil
Half-yearly / Monthly 4% 4% 3.5% 3% Nil

Fund Management Charge (FMC) and charge for investment guarantee
The following Fund Management Charge will be applicable and will be adjusted from the NAV on a daily basis. This charge will be a percentage of the Fund Value.
Fund Management Charge
Life Growth Fund = 1.35% p.a.
Life Secure Fund = 1.35% p.a.

There will be an additional charge of 0.50% p.a. towards investment guarantee, which will be adjusted from the NAV on a daily basis. This charge will be a percentage of the Fund Value and applies to both Life Growth Fund and Life Secure Fund.
 
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